How can blockchain technology be used as a lie detector?

Daniel K
Daniel K
Nov 7 · 2 min read

Tradewind uses blockchain technology to identify the origin of gold

On November 5, Tradewind Markets presented on their platform a new chip: a system that allows you to track the origin of your physical gold. This is done by tracking the delivery history. Also, using this system, you can track the origin of other precious metals. Such a digital instrument is called Origins.

It is worth noting that Origins is also equipped with the purchase and sale functions of expensive physical metals, including gold. An investor can buy fractional volumes of gold or silver using this platform, and transactions and ownership of precious metal are displayed on the blockchain. It is worth noting that all this is still based on an individually customizable filter system, for examples, such as artisanal or secondary sources, the name, geography, and geo-location of the mine.

In turn, the established link between investors and their physical gold positions of the Royal Canadian Coin Exchange is supervised by Tradewind’s VaultChain platform.

Blockchain as a litmus test for the Royal Mint of Canada

An interesting fact is that the Royal Canadian Mint legally uses blockchain technology as a test of reliability and veracity.

In early October, it was possible to see the information that Congo officials at the Societe Miniere de Bisunzu (SMB) mine had implemented blockchain technologies in order to inform their users that previously acquired minerals had nothing to do with the bloody supply chain. The German blockchain company RCS Global, located in Berlin, provided technical support for this.

Join us: binaryx.com FaceBook LinkedIn Twitter

Binaryx

Daniel K

Written by

Daniel K

Binaryx

Binaryx

We build the future of crypto trading

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade